What is a bully offer? When a buyer and their agent submit an offer to a listing agent before the time to review offers. A bully offer has a quick acceptance period in hopes of shutting down negotiation early before more offers arrive. In general, the more offers, the more higher the final sales price.
Bully offers are great if you are a buyer trying to shut down negotiation early. Reducing the competition reduces the price. That is great for the buyer, not so for the seller. For sellers, closing down an offer early can result in a severe price cut.
We have countless examples at Leading Edge where a savvy buyer’s agent tried to take a Leading Edge Listing off the market several days before the deadline, only to have that same buyer increase their offer significantly when forced to compete against other buyers.
At Leading Edge we make a plan with our sellers so they can anticipate early offers. Our advice is to respond politely that we are sticking with our deadline.